365 West Passaic St. in Rochelle Park — Courtesy: Cushman & Wakefield
By Joshua Burd
Bergman Real Estate Group has secured a $22.5 million loan to refinance a nearly 219,000-square-foot office building in Rochelle Park, in a deal arranged by Cushman & Wakefield.
According to the brokerage team, Deutsche Bank provided the five-year, fixed-rate loan in connection with the property at 365 West Passaic St. Proceeds will support Bergman’s ownership of the five-story building, which has a full-height atrium lobby, a full-service café with seating, two elevator banks and ample surface parking to accommodate tenants ranging from 1,000 to 50,000 square feet.
Cushman’s Brian Anderson and Eddie Miro advised the borrower in the transaction, touting the building’s location at Exit 160 of the Garden State Parkway and its proximity to routes 4, 17, 46 and 208 and Interstate 80. The team added that an NJ Transit bus stop is directly in front of the 218,500-square-foot property, which is just nine miles from the George Washington Bridge.
“365 West Passaic is a standout office building with a strong tenant mix and incredible location right across from Garden State Plaza,” Anderson said. “The location is highly connected to the rest of the state and easily accessible to Manhattan, offering a convenient office environment for tenants. Securing this refinancing was a great team effort, and we’re excited to see the property continue its momentum, especially as demand for high-quality office space in suburban New Jersey continues to grow.”
